is has the capacity to relate to changes in environment and of course tripping happily over reputation risks. wells is a company with a culture of customer focus and restraint and the keybank provides the simple lesson, if you don't understand it, don't invest in it. each of these firms apply strong governance, good management, operational, but in sand discipline both with different approaches. some of these firms have had serious problems since the crisis and of course jpmorgan chase actually lost in their london office and an event that revealed poor risk management. the point here is, these firms have successful strategies for weathering the crisis. there is a huge difference between taking a large loss such as morgan recently took and having the company fail. the companies that failed in the crisis didn't just take losses. they went out of business and required massive amounts of taxpayer aid or ended their existence as independent companies. unsuccessful firms included man -- fannie mae and freddie mac, bear stearns, laymen, merrill lynch, citigroup, wachovia, ups, aig, countrywid
